Questions: Now that we are cash flow positiveassuming the software business is investing organically as much as it canwhat is the philosophical thinking with respect to capital allocation at the Daily Journal. I think they stopped because if you taught that course, youd be stealing the best cases from the individual professors of marketing and so on and so on. Generally, what people do is they have financial reserves so they have some options if trouble comes, and they adapt the way Gerry has to require downsizings or require upsizings. Charlie Munger: I think everybody is willing to hold stocks at higher price-earnings multiples when interest rates are as low as they are now. Seneca Foods' (NASDAQ:SENE.A) investors will be pleased with their notable 70% return over the last three years 10/18/2022 3:57 PM. The Daily Journal is a legal publisher in Los Angeles, spun out in 1986 as a public company from a closed-end fund Munger and Guerin owned. Daily Journal Corp. - AnnualReports.com Most Recent Annual Report MOST RECENT 2019 Form 10K View Form 10K (HTML) Daily Journal Corp. does not currently have any hardcopy reports on AnnualReports.com. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. The total portfolio value may be much higher due to cash Gerald Salzman: Well, we dont think about mistakes. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. Charlie Munger: Well, I consider that very unlikely. -144-01 clinical trial in advanced melanoma during SITC in November 2022 and in a subsequent companion publication in the Journal for ImmunoTherapy of Cancer . When you pay for order flow, youre probably charging your customers more and pretending to be free. regarding their board of directors using the Board Diversity Matrix. He was a very smart man and he had a lot of good ideas. Is it digital wallets like PayPal, Square, or Apple Pay? Many, but not all SEC filings are available in the SECs EDGAR database. Of course, its going to be difficult. That doesnt happen. And he was a great kidder. This very special event honors excellence in the investor relations profession across the US and we are excited to welcome everyone for an evening of fine food, dancing and lots of celebrating! Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. If youre willing to count small nations in the group, he had probably the best record that ever existed in the history of the world. Charlie Munger: Robinhood trades are not free. The Hamilton Live 600 14th Street NW At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. But show me a psychology department that knows how to do that. I dont think well change on that. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. He was death on corruption which was a very good idea. But I wont be following him. So, you can understand why Warren got disenchanted with Wells Fargo. But they dont teach that in the psychology department because the academic system rewards little experiments that develop more insight into psychological tendencies instead of synthesizing whats already been discovered with the rest of knowledge. Value investors know Warren Buffett's classic retort to efficient market theory, "The . Touch device users, explore by touch or with swipe gestures. Create your Watchlist to save your favorite quotes on Nasdaq.com. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. 2023, Nasdaq, Inc. All Rights Reserved. Well, I dont think the quality of publishing public notice advertising has gone down. The hydrocarbons are also needed as chemical feedstocks. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. And it was probably wise that we acted exactly as we did. [1]: The majority of revenue is generated from Traditional business segment. Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. Its difficult, but its not impossible investing in bank stocks successfully. 1996 - janv . Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC I think I would have lived a long time if I had lived a different life. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. Were not enlarging it. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. for Q4 2022. Charlie Munger: Yes, I think it must end badly but I dont know when. We bought all these buildings cheaply. Thats entirely due to the practical talent of Lee Kuan Yew. It just created the most unholy mess. His method for doing it was so simple. Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. I dont think that hydrocarbons are going. All-Time Favorites Astronics Corporation Announces Preliminary Sales for Fourth Quarter 2022 of $155 Million to $160 Million; Completes $205 Million Debt Refinancing Nov 15, 2022 4:05 pm EST Astronics Corporation Reports Third Quarter 2022 Financial Results Latest Presentation December 6, 2022 Truist Securities Industrials & Services Summit 2022 He lived in a particular town. Information Agent. Considering their system, that is not what he should have been doing. I think most people are born with a happystat. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. When I look at the modern Singapore health system, it costs 20% of what the American system costs. The bad news is its not clear whos gonna win all the business or how much money is going to be made. Costco I do think has one thing that Amazon does not. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities and a top 10 holdings concentration of 100.0%. If anybody can fix it, he can. Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. And that is why Costco presents some danger to Amazon. And I think that that is inevitable because its difficult to be a good investor. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? They are joining the modern world very rapidly and theyre getting very skillful at operating. Question: Do you believe the market is going through a long-term value slump similar to 1999, or do you believe technology has caused a permanent change in how companies should be valued? In 2010, that was down to 165 full-time employees and 15 part-time employees. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. Gerrys lived a long time too and I think we both have been lucky. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. How would they think about current opportunities with low rates and low inflation? Non-members may peek into the world of MOI Global via limited access. And, what about passive investing? Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . Performance numbers calculated through 2023-02-14. And, of course, when things get extreme you have things like that short squeeze. We are very excited to look forward to enabling the courts to function as we know that they want to and will in the future. Its like evolution in biology. I think management should tell it like it is at all times and not be a big promoter of its own stock. And what did the Chinese communists do with respect to death taxes? Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. Intelligent Investing in Crisis Mode. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. I dont think Ive got any great insight about hydrogen. People really trust Costco will be delivering enormous value. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. are based in the United States. Chinese stocks are often sensitive to geopolitical events, and news that Biden and Xi will meet later this year could signal a thaw in relations between China and the U.S. Daily Journal Corporation Reports Quarterly Revenue $11.68 Mln Daily Journal Corporation says For Nine Months Ended June 30 Consolidated Revenues Of $35.7 mln Versus $30.6 . And some types of real estate in recent years has been particularly difficult. Question: Ben Franklin said: Were it offered to my choice, I should have no objection to a repetition of the same life from its beginning, only asking the advantages authors have in a second edition, to correct some faults of the first. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. Charlie Munger: I think Ill skip that one. I dont define that as value investing. What do you look for in a leader? She created a business with like 500 depression dollars that became a huge business. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. And then the previous 100 years, that got another big chunk of modernity. Question: We have a couple of questions about J.P. Rick Guerin. Good Earnings: Salesforce's revenue was up 18% year-over-year, totaling $31.4 billion, and it's expected to grow to $34.5 billion next year. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek. Discover something new every day from News, Sports, Finance, Entertainment and more! Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. Charlie Munger: Well, he was one of my closest friends for many decades. Create Email Alert, ***Log In or The daily journal stock sells way above the price I would pay if I was buying new stock. And, pretty soon, he turned that into this gloriously prosperous place. He was not a dictator. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. And thats the way we handled Gerry. It was a background that helped everybody. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. But I dont think everybody can be a great investor or a great chess player. Thought Leader Series. Its chairman is Steven Myhill-Jones. And they dont just keep everlastingly at it the way he did. In 1860, GDP per capita in China was 600. The only opinion I have there is that I dont think anybody knows whats going to happen for sure. 2022 Junto Investments, all rights reserved. I know Berkshire is a long-term owner and rarely sells securities of high-quality companies it owns in its portfolio simply because its overvalued. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. I think that the methods that Ive used including the checklists are the correct methods and Im grateful that I found them as early as I did and that the methods have worked as well as they have. DAILY JOURNAL CORPORATION. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. Copyright by BeyondProxy. What were the lessons learned? Charlie Munger: Its quite importantpart of the success of a company like Costco. All except for the legal advertising system which we had to build because nobody else has the volume that we have. I learned those tendencies well enough to synthesize it with the rest of knowledge. Annual stock financials by MarketWatch. Always tell the truth and never lie to anybody about anything. This page shows a list of all the recent 13F filings made by Daily Journal Corp. Form 13F is required to be filed within 45 days of the end of a calendar quarter. So, its a very interesting competitive field. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. Gerald Salzman: There are a number of factors that come into play here. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. As a matter of fact, what happens is to make a nation rich, you need a free market system. Apartments have come through better. and a top 10 holdings concentration of 100.0%. And yet he made a lot of mistakes in the course of living his life. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. Charlie Munger: Well, we dont really know where its all going. Of course, we accomplished quite a bit working together. Nothing contained on junto.investments constitute a solicitation, recommendation, endorsement, or offer by Junto or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. We expect many of our employees to always be at client court offices because we work with them very closely to make sure they get what they need. Youve reached the limit of my circle of competence. In other words, to some extent, its a self-correcting system. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. Tilly's, Inc. Its hard to run a bank intelligently. But its hard for anybody. That recognized reality and worked way better than what other people were doing. Investors play a major and vital role in the success and growth of a company. 2023 Annual Meeting. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. Could you share the secret to living a long, healthy, and happy life? What can you learn from the Barry Duttons bookstore building deal in Brentwood and how would you apply that new knowledge or experience in the future? What are the psychological implications of this type of market behavior? "While Kimberly was head of Investor relations . Question: You famously run investments through your mental checklist. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. The votes in favor of that are 995,356 against 120. How would you advise these institutions to manage their endowments over the coming decades? What could investors do to cope better with periodical frenzy? He had a long and wonderful run. 2/24/23. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. Charlie Munger: Gerry, whats the biggest mistake weve made? In other words, I think the system of checks and balances and elections that our founders gave us actually gave us pretty much the right policies during my lifetime. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? And if youre selling them gambling services where you make profits off of the top, like many of these new brokers who specialize in luring the amateurs in, I think its a dirty way to make money. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. He was always upbeat. Ratios & Margins Daily Journal Corp. All values updated annually at fiscal year end Valuation P/E Ratio (TTM) - P/E Ratio (including extraordinary items) - Price to Sales Ratio 6.55 Price to Book. LOS ANGELES, CA I do think that Im way less afraid of inequality than most people who are bleeding about it. This years annual report suggests that the traditional business has 97 full-time employees. We were trying to save the whole economy under terrible conditions. Thats what the communists are doing. But, of course, I think there will be more automation in transportation of all kinds in the future. So its a very theoretical discussion. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. or to simply have an email sent to you whenever we receive a new You are going to be flabbergasted. I call it deworsificationwhich I copied from somebody. Copyright 2023 Surperformance. Thats a really good rule. A little wisdom in spouse selection is very desirable. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. And by the way, I think its hard to teach. They dont work that hard at figuring out what works and what doesnt. We take the situation as it is and try to solve it. All those factors come into play and if you go back a little further, we eliminated California Lawyer magazine and we had one time a newspaper in Seattle and one in Denver. So I think what China has done was probably right for China and that we shouldnt be so pompous as to be telling the Chinese they ought to behave like us because we like ourselves and our system. Ive been around for a long time and my policy has always been to just write them out. You get crazy booms. Im just learning as I go along. Questions: Many major businesses and high net worth individuals have been leaving California. Quickly find out what the most recently closed or increased positions are. On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price. Its too volatile to serve well as a medium of exchange. Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. I do think banking run intelligently is a very good business. The fund focuses on investments in the United States as Furthermore, hed gone through the Great Depression. Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. You must have a subscription to view WhaleScore histories. Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter. He was fun to be with because he was always jumping out of airplanes and parachutes and running marathons and so on, doing all kinds of things I would never consider doing. Were beholden to the guidelines of the county of Los Angeles and other counties. When I was young, I rezoned some properties very successfully. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? We admire the company and like its position. Daily Journal Corporation Announces Financial Results for the Six Months ended March 31.. Daily Journal : Announces New Chairman and CEO - Form 8-K. Daily Journal Corp : Change in Directors or Principal Officers, Financial Statements and E.. Daily Journal Corporation Announces New Chairman and CEO, Daily Journal : Fiscal Q1 Earnings Snapshot. Washington State is actually considering a wealth tax at the state level. He was just a very old-fashioned sound thinker. You once said to study the life and work of Lee Kuan Yew. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. Nothing is particularly obvious for everybody to do the same thing. The Form 13F report requires disclosure of the manager that files the report, the name and class of the security, the CUSIP number, the number of shares . What are his thoughts on modern monetary theory? Intellectual Property Im pretty easy on myself these days. Question: Which do you think is crazier? I think all of this activity is regrettable. Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. Many of our systems are in the cloud. But I do admire what the Chinese have done. He really knew everything you had to do to avoid credit losses in a small town in Illinois. Munger and Salzman will take shareholder questions from CNBCs Becky Quick.Don't Miss: Valley of Hype: The Culture That Built Elizabeth HolmesWATCH HERE:https://youtu.be/Sb179GLPNYEWatch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube:https://youtu.be/gx-OzwHpM9kSubscribe to Yahoo Finance: https://yhoo.it/2fGu5BbAbout Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. It says that man is too soon old and too late smart. Is it Bitcoin, decentralized finance, or something else? I wouldnt change my life all that well. We use cookies to ensure that we give you the best experience on our website. I cant help you. Charlie Munger: Well, it certainly does and thats the kind of thing that can happen when you get a whole lot of people who are using liquid stock markets to gamble the way they would betting on horses. Prior to forming Peterson Capital Management, LLC and launching Peterson Investment Fund I, LP, Matthew split time between Wall Street and London as Capital Markets Manager in the Financial Services Vertical at Diamond Management and Technology Consultants. Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. I think Im a little more lenient. Question: Do you believe any psychological personality tests, such as the Myers-Briggs Type Indicator, to be of any good in choosing a compatible partner, given that choosing a spouse is probably the most important decision one can make in life. These symbols will be available throughout the site during your session. . And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. We will now proceed to the question period. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. Investor's Business Daily (IBD), which . Wide-Moat Investing Summit Youll remember that when the first big bubble came, which was the South Sea bubble in England back in the 1700s, it created such havoc eventually when it blew up that England didnt allow hardly any public trading and securities of any companies for decades thereafter. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. He was old as I am. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. Everyone knows this isnt a small cap Berkshire Hathaway. Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. Can you provide similar insight regarding the future at the Daily Journal and would you consider implementing policies like those at Berkshire so shareholders can get to know the up-and-coming leaders in the organization? The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? And, we hope to do well in it. Tom Gayner, Adds value to my research process. Charlie Munger: I have seen an episode or two of the Queens Gambit. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. I do think that we dont know what these artificially low interest rates are going to do or how the economy is going to work in the future as governments print all this extra money. Currently, Daily Journal Corp's portfolio is worth at least $174 million. Ill paraphrase here. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? How are they similar or different? SEC form, multiple filers or classes of filers, and much more.***. But you know, most people dont do that. Its a funny way to make money. On Tuesday, March 7, 2023 at 11:00 a.m. Eastern Time, Michael West, President of Moody's Investors Service, and Shivani Kak, Head of Investor Relations, will speak at the Raymond James . Theres a lot of temptation to do dumb things which will make the earnings next quarter go up but are bad for the long term. Charlie Munger: I dont know anything about Haven. USD. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. Culture is very important. I think theyd run rings around me. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. LEARN MORE. The SEC requires all publicly traded companies, foreign and domestic, to disclose financial condition, operating results, management compensation, and other areas of their business on a regular basis. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. And that institution has two assets in its endowment account. Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. It was absolutely incredible. Question: You are one of the oldest and greatest thinkers of our time. Ive been pretty quiet. The total cash compensation, which includes bonus, and annual incentives, can vary anywhere from $137,730 to $197,363 with the average total cash compensation of $163,305. And he made a very favorable impression. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it.
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